Major oil producers have agreed to cut crude oil.

The Organization of Petroleum Exporting Countries and the coalition of 10 oil producing countries have agreed to hold an emergency videoconference to cut 10 million barrels of crude oil a day for two months from next month, Reuters reported.

Subsequently, from July to the end of this year, the company decided to gradually reduce 8 million barrels per day and 6 million barrels per day from January next year.